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Moeda indexada

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  • Cysne, Rubens Penha

Abstract

Este texto se divide em duas partes. Na primeira, estuda-se empiricamente a queda na demanda por moeda ocorrida entre 1979 e 1983, salientando-se o papel desempenhado neste processo pelo surgimento de inovações financeiras e aumento de liquidez de ativos (ditos) não monetários. Neste ponto destaca-se a relativa ineficácia de um combate a inflação,baseado exclusivamente no controle da expansão de M1 . Em seguida, desenvolve-se um modelo que tenta captar os efeitos sobre a inflação o nível de atividade econômica, decorrentes da utilização, por parte dos agentes econômicos, de ativos indexados como reserva de liquidez alternativa a M1 . Conclui-se que o aumento de liquidez de ativos considerados não monetários protege o produto dos choques de oferta, conferindo-lhe uma maior estabilidade a ser paga pela exposição da inflação aos choques de oferta e demanda.

Suggested Citation

  • Cysne, Rubens Penha, 1985. "Moeda indexada," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 57, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  • Handle: RePEc:fgv:epgewp:57
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    Cited by:

    1. Barbosa, Fernando de Holanda & Mcnelis, Paul D., 1986. "Brazilian indexing and inertial inflation: evidence from time-varying estimates of an inflation transfer function," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 81, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
    2. Simonsen, Mario Henrique, 1986. "Rational expectations, income policies and game theory," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 90, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
    3. Werlang, Sérgio Ribeiro da Costa, 1988. "Common knowledge," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 118, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
    4. Cysne, Rubens Penha, 1988. "Income and demand policies in Brazil," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 129, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
    5. Cysne, Rubens Penha, 1988. "Monetary correction and accounting with real interest," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 128, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
    6. Cysne, Rubens Penha, 2005. "An overview of some historical brazilian macroeconomic series and some open questions," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 592, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).

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